The biggest global trade deal ever is now ratified. Think anyone in the Trump White House noticed?


Roberto AzevadoReuters

❝ An international agreement forecast to boost global trade by $1 trillion a year has come into force.

The Director General of the World Trade Organization, Roberto Azevedo, called it “the biggest reform of global trade in a generation”

Mr Azevedo said it would have a bigger impact than eliminating all existing taxes on imports, known as tariffs.

❝ It involves countries signing up to a long list of reforms, including easier access for businesses to information, reduced fees and simpler and faster procedures.

WTO economists estimated it would cut the cost of trading by 14.3%, and that developing nations would gain the most.

❝ TFA is one of the few successes of a much wider set of negotiations that were launched in late 2001 in the Qatari capital and known as the Doha Round…

The TFA was finally agreed at a meeting in Bali 2013, but could not come into force until 110 countries had ratified it. That is what has now happened…

BTW, the United States ratified this Trade Agreement in January, 2015.

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